Family Development Begins Phoenix BTR Project
The firm is partnering with Mosaic to build the 14.5-acre community.
Family Development has begun construction of Town Germann, a 209-unit build-to-rent luxury townhome community located in Gilbert, Ariz. The firm is partnering with Mosaic for the community’s construction, which is expected to finish in early 2023. Construction is subject to a $41.7 million loan provided by Pacific Western Bank, according to CommercialEdge data.
Town Germann will span 42 buildings, built over 14.5 gated acres, according to CommercialEdge information. The community will offer a mix of two- and three-bedroom floor plans that range from 1,192 to 1,379 square feet, with rents priced between $2,600 and $2,900. Each home will feature two bathrooms, a powder room, a laundry room and an attached garage. Residents will have access to a swimming pool, spa, fitness center, private park and landscaped walking trails. Situated at the intersection of Lindsay and Germann Road roads, the community is within walking distance of many local dining and entertainment offerings and within 20 miles of downtown Phoenix. Additionally, the development will be north of the Santan Freeway, providing access to many surrounding towns and cities across Maricopa County.
As Vince Barbato, Principal of Family Development explained to Multi-Housing News, “Town Germann in Gilbert offers resort-like community amenities, high-end finishes and attached two-car garages, which we expect will be very popular with renters in the Phoenix market. Town Germann will redefine the luxury rental housing in the Phoenix multi-family market, which has more build-to-rent and single-family-rental communities than any other city in the country.”
Phoenix multifamily soars
Both the Phoenix metro’s multifamily sector and larger economy have been bolstered by surges of multifamily property development and investment, in addition to the metro recovering all of the jobs it had lost due to the pandemic. According to data from a September 2022 Yardi Matrix report, the city has seen over $7.5 billion in investment activity. With 34,700 units under construction, the majority of deliveries have been luxury- and lifestyle-oriented.
Two recent headlines around the city include the Avenue North’s $30 million sale of Proximity on 16th, an 85-unit luxury community, in addition to Thompson Thrift’s planned $225 million development of The Gilmore, a mixed-use development with 300 residential units.